Ethereum News: Tom Lee’s Bitmine Buys 60,000 ETH Amid Potential Russell 1000 Inclusion

It is worth noting that Tom Lee has consistently highlighted tokenization as one of the bull cases for Ethereum and as a reason Bitmine was investing in the crypto asset. As such, the SECs move presents a setback to this bull case.

ETH Treasury Firm On Course To Join Russell 100

In an X post, Tom Lee revealed that Bitmine is on the list for inclusion in the large-cap 1000 after FTSE Russell published its preliminary index inclusions and deletions. He cited BMNR stock as one of the reasons for this inclusion. The crypto stocks market cap is above the minimum $5.7 billion for large-cap inclusion.

Furthermore, Lee explained why this development is bullish for the company, noting that many active managers buy equities only in the Russell 1000. He added that it is estimated that 20 to 35% of the market cap of a stock is held by passive index funds and ETFs.

As such, this is a positive for the Bitmine stock, which is down over 32% year-to-date (YTD). However, the stock is still up over 162% in the past year, around the time it adopted an Ethereum treasury strategy.